- JSW Group invests ₹40,000 crore in EV projects in Cuttack and Paradip, creating 11,000 jobs.
- Phases include setting up manufacturing units for EVs, batteries, and components.
- Partnerships with SAIC Motor and focus on green mobility drive local sourcing and production capacity.
JSW Group is planning to put ₹40,000 crore into making electric vehicles (EVs) and their parts in Cuttack and Paradip. This will create more than 11,000 new jobs in the state.
They’re going to do this in stages. First, they’ll put ₹25,000 crore into setting up a place to make EVs and batteries in Naraj, Cuttack. It’ll be the biggest project like this in the world, with enough space to make 50 GWH of batteries. This will be used for both making cars move and storing energy. Also, they’ll build a place to make the parts for the EVs. Altogether, this will create jobs for over 4,000 people.
The government used to give a lot of money to help people buy EVs, but now they’re only giving 15% of what they used to. They say this is because more people are buying EVs now.
In the next part, JSW Group will spend ₹15,000 crore to make a place in Paradip where they can make parts for EVs. This will make over 7,000 new jobs. This place will be able to make parts for 1 lakh trucks and 3 lakh cars every year.
They’ll buy some parts like the e-powertrain from other companies. Also, they’ll make a place where they can try out new ways to make things.
A while back, JSW Group bought 35% of a company with SAIC Motor Corporation from China. They paid ₹2,800 crore for this. The Chinese company will give up some of its shares in MG Motor India to this new company. MG Motor sells SUVs like the Hector and cars like the ZS EV and Comet EVs. They’ve sold over two lakh cars in India.
This year has started well for EVs. In January, a lot of electric cars and bikes were sold. The new company wants to use more things made in India, make more places to charge cars, make more cars, and make new models.
JSW Steel, which is also part of JSW Group, makes strong steel for cars.
This news shows how big companies are putting a lot of money into making more electric cars and parts in India. This will make more jobs and help the country use cleaner energy.